Financial Illiteracy - It’s Huge!
Financial illiteracy and financial ignorance is a huge in America. It’s also employd for an excemploy by those who knowingly make bad financial decisions. As the mortgage crisis tumbled there were indeed many borrowers who had made some really bad financial choices, which complained they did not understand what they were getting into, were hood-winked or employd the “F” word; Fraud.
Still, they did sign those loan documents and promised to pay, even though their promises were nothing more that optimist contemplateing or betting on a future economic run that would never end. But these consumers are not the only ones who did not get it.
It’s a huge problem and teens and young adults do not understand the time merit of money or compounded interest, and half cannot even balance a check book. Worse, many get credit cards at an early age and keep maxing them out each month, never paying them off. They end up paying huge interest payments on all that money, 20% or more.
They need to be saving for the future and gaining growth on their money, instead they are slaves to interest rather than making money on their money. So, yes, kids needs to learn to read and write, math, etc., nonetheless financial literacy is very important too. This is a major issue everywhere, not just in the US.
Next time you get a alternative look up “5/6 th program” in the Philippines on Google. Read about the Chinese payday loan sharks exploiting the folks in the Philippines as just one example of the problems with financial literacy in the rest of the world. Financial illiteracy is the same as economic enslavement, which probably is not much different than actual slavery philosophically speaking.
“Lance Winslow” - Online http://www.bloggingcontent.net/Blog Content Service
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